In the context of cryptocurrency, a private keyA private key is a cryptographic number that allows individuals to sign transactions and create new receiving addresses for their... Read More is a number that allows users to sign transactions and to generate receiving addresses. CryptocurrenciesA digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by... rely heavily on public-key cryptography to protect users’ funds. In fact, this is where their name comes from. Public-key cryptographyPublic-key cryptography is an encryption method employing two types of keys: a public key and a private key. Anyone with... Read More involves users generating a very big number (a private key) that would be practically impossible for anyone to guess. Typically, this number is represented as a long string of letters and numbers.
